ILLINOIS JOINS 22 STATE FINANCIAL REGULATORS IN ESTABLISHING STREAMLINED LICENSING PROCESS FOR MONEY TRANSMITTERS

Illinois joined 22 states in signing onto a multistate agreement which standardizes key parts of the licensing process for money transmitters and money services businesses. The agreement streamlines licensing processes, including common requirements for companies’ business plans, direct and indirect ownership, background checks, and required financial information and compliance. Once this information is reviewed by one state, the other states in the agreement agree to accept the findings The agreement was facilitated through Illinois’ participation on the Conference of State Bank Supervisors. Through its Vision 2020, CSBS and state regulators have sought to harmonize multistate licensing and supervision for financial service providers, including financial technology companies.

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